Billabong Halts Trading To Discuss $551M Buyout Offers
By Jake Simpson
Law360, New York (April 2, 2013, 1:39 PM EDT) -- Beleaguered Australian retail clothing firm Billabong International Ltd. on Tuesday requested a trading halt on the Australian Stock Exchange, saying it needed time to continue negotiations with a U.S. group of private equity-backed bidders looking to acquire the surf apparel company for AU$527 million (US$551 million).
In a brief filing with the ASX, Billabong said trading would be halted until Thursday. The surfwear firm said it may make an announcement about its future before then, in which case trading may resume Wednesday.